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Sea Breeze Power gets financing to build B.C. wind farm under $12-million deal

By The Canadian Press  | June 27, 2011
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VANCOUVER - Sea Breeze Power Corp. (TSXV:SBX) says it has a $12 million deal that will provide funds for the first phase of a proposed 99-megawatt wind farm project in British Columbia.

Construction is expected to begin this summer following the completion of amendments to the existing environmental approvals for the wind farm. The amendments relate to the project's transmission line to Port Hardy, the Vancouver-based company said Monday.

The project will be renamed the Cape Scott wind farm as part of the deal. It had been called the Knob Hill wind farm.

The funding comes through IPR-GDF Suez North America, a partnership of International Power PLC and GDF Suez.

Sea Breeze will receive an initial payment of nearly $1.9 million and milestone payments as the project moves through construction and into commercial production.

Sea Breeze will also receive an ongoing royalty based on revenue from sales of electricity to BC Hydro under a 20-year purchase agreement with the provincially owned utility.

IPR-GDF Suez will have a right of first offer to acquire the permit land available to Phase 2 of the wind farm project.

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